Platinum, titanium, rhodium: exotic, expensive - they are not quite gold, but there is a growing market in India for jewels made out of these unconventional precious metals, especially among young, urban women. Fans of silver have switched over as the metal's price rose by 30-40% over last Diwali.
"Demand for diamond-studded jewellery is the trend to talk about this season. But gold is the sole ruler," said Sanjeev Agarwal, chief executive officer, Gitanjali Export Corp. Non-conventional metals account for 15% of the total sales in precious metals.
"All other metals including precious platinum and reasonable silver are worn or bought due to aspirations but they cannot be the part of asset class as the yellow metal is," said Keyur Shah, director at World Gold Council's Indian unit.